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Gold rose above $4,650 an ounce on Tuesday, its highest level in more than three months, as fresh US government intervention in the bond market reignited the so‑called “debasement trade” that underpinned the metal’s 65% rally in 2025. Last week, the US Treasury Department announced an expansion of its buyback program for long-dated government debt in an effort to curb rising borrowing costs. Treasury Secretary Scott Bessent indicated he is prepared to further increase those buybacks and signaled that a longer-term fiscal plan is forthcoming. Still, markets largely interpreted the steps as a potentially short-lived fix, reviving concerns about the risk of a US debt crisis, entrenched inflation, and sustained dollar weakness. At the same time, gold-backed exchange-traded funds have seen stronger inflows in recent weeks, pointing to broader market participation and reinforcing investment demand for the metal.
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